CAIRO: Al Baraka Egypt Bank posted a 57 percent increase in first-half net profit to 65.6 million Egyptian pounds ($11.49 million), the Cairo stock exchange said on Sunday.
The Cairo-based Islamic bank, in which Bahrain’s Al Baraka Banking Group (ABG) has a controlling stake, said in May its net profit had more than tripled in the first quarter to LE 44 million.
Al Baraka Banking Group has subsidiaries and representative offices in 12 countries, providing services through more than 300 branches.
Chief Executive Adnan Yousif said in May that the bank expected to buy a stake in Malaysia’s Bank Muamalat by the end of 2010.
Al Baraka also plans to open a representative office in Libya.